Although the economy continues to pick up steam, consumers were reluctant to take on new credit for their purchases.
Credit unions had $229.6 billion outstanding consumer credit in March, down from the $231.6 billion in February, according to data released Friday by the Federal Reserve.
Overall, outstanding consumer credit fell to $2,433 trillion, from February's figure of $2,446 trillion.
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At credit unions, outstanding revolving credit fell to $34.2 billion, from February's figure of $34.4 billion. Revolving credit, which mostly refers to credit-card related payments, fell overall to 841.8 billion from February's revised figure of $857.2 billion.
At credit unions, outstanding non-revolving credit, loans for cars and boats, was $194.9 billion, a decrease from February's figure of $197.2 billion. Overall, there was $1,592 trillion in outstanding non-revolving credit in March, compared with the revised figure of $1,591.6 in February.
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